Cash rate left unchanged by RBA
As many economists forecast, the Reserve Bank of Australia (RBA) has once again opted not to change the cash rate, leaving it at the 4.75 per cent level set in November 2010.
The central bank asserted that the outlook for the global economy is "less clear" now than it was earlier on in 2011, adding that financial uncertainty is prompting firms and households alike to exhibit more cautious behaviour.
It also observed that growth in employment has been "moderate" so far this year and that the unemployment rate has been relatively stable at five per cent.
"The board judged that it was prudent to maintain the current stance of monetary policy," said a statement released by the governor of the RBA Glenn Stevens.
Earlier this week, head of Asia-Pacific Research at TD Securities Annette Beacher told the Australian Associated Press that she does not believe the RBA will increase interest rates before the end of the year.
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